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The hidden costs of a data loss

The hidden costs of a data loss Image website

What price would you put on the information your business creates, saves and shares? Information about proprietary products and services – that’s valuable – after all, it’s your IP.

What about information on your customers? It certainly helps to know your customers and what their purchasing habits are.
What about day to day work product, emails, word docs, spreadsheets? These are your everyday work activities that would be frustrating to have to recreate if you lost them.

When placing a price on preserving your organisation’s data integrity, it’s important to recognise that the true cost to your business may occur long after you’ve repaired the initial damage.

Recent research revealed that half of Australian small businesses surveyed had lost work due to not backing up files, documents, and work, effectively. This failure to back up is costing the average Australian business between three and ten percent of revenue. 20 percent of small businesses said this data loss had an impact on their professional reputation, and nearly half admitted they’d lost client work because of not backing up.

It in an unfortunate statistic that up to 40 percent of SMEs don’t back up their data at all and when they do 40-50 percent of those backups are not fully recoverable. Of those who do consider their data backed up, 60 percent of their business data is held on PC desktops and laptops, and therefore commonly won’t get backed up as part of more regularly adopted company server backup schedule.

While there are financial implications associated with data loss for business, there is also the operational cost and reputational cost that could continue to hurt a business long after the data is lost.

Effective data backup is a process, it is no longer enough to have a central PC or external hard drive with all your business files. Compu-Stor offer secure data backup and recovery, with online management so you can control your backup and access files as needed.

Reference

https://www.techworld.com.au/mediareleases/20214/seagate-reveals-nearly-half-of-australian-small/

https://www.workspace.co.uk/community/homework/technology/opinion-what-is-the-true-cost-of-lost-data-to-bus